Who is the builder? One of the first questions when evaluating buildings for a condo purchase. Builder reputation can ebb and flow, some have developed stellar reputations and command a brand premium for their buildings, old and new. Tridel being the prime example of the current gold standard. There are at least a dozen solid builders in the GTA, but there are just as many if not more that I would avoid at all costs. It’s important to work with someone who has firsthand experience with the quality of buildings as brand can and will impact future resale.
When selecting for buildings the main issue we are trying to solve for are maintenance fees now and in the future. Reverse engineering for maintenance is a bit of a science, it’s a combination of the number of units vs amenities vs end user to tenant ratio, and a couple of other factors. My theory is to keep it simple. I prefer buildings by good builders, with the least amount of amenities (who uses them anyway?), higher than average end user vs tenant ratio, and ideally low(er) rise or well designed where elevator rush hour isn’t a real thing. There is nothing worse than living in the core where everything is minutes away by foot yet getting to your unit can be a 15 minute elevator ordeal.
My last tip, one commonly overlooked by men, is building safety. Since covid, with less foot traffic on the streets the homelessness issue is a lot more pronounced than it once was. Buildings with blind spots due to layouts, poorly lit areas, enclosed spaces, can be overlooked, but are of high importance to women. If a building doesn’t “feel” safe, renting & future resale will absolutely be impacted as women are unlikely to compromise safety for a good deal, something men tend to overlook in their buying decisions. This oversight can be very costly as you will alienate half of the potential future buyer pool. #investment #realestate #toronto #condos
